Category: IRA
“Here is what you need to know about delaying required withdrawals from a retirement account until 2021.” Before the CARES Act, most retirees had to take withdrawals from their IRAs and other retirement accounts every year after age 72. However, the Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act, has made […]
“Lawmakers in Washington are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.” For a limited time, Americans will now be able to withdraw money from tax-deferred accounts without penalties, under the Coronavirus Stimulus law. Rules on taking […]
“Imagine you get married and within a year or two, your new spouse passes away. Now, imagine that your grief is compounded with financial stress.” Without an updated estate plan, a surviving spouse is left with a world of trouble, as described in the article “Protect Your Spouse and Children by Updating Your Estate Plan” […]
“Here are the highlights of the most recent tax changes found in the $2 trillion coronavirus relief bill, which the Senate has approved, and the House passed recently.” Several of the provisions that were signed into law in the relief bill can taken advantage of immediately, reports Financial Planning in the article “Major changes in […]
“Research shows that moving 401(k)s to after-tax contributions would boost tax returns in the short term, but leave retirees worse off.” Overhauling the retirement savings system is the subject of considerable talk in Washington these days, with the focus on how to give an immediate boost to government tax revenues. With retirement fund accounts being […]
Why You Should Not Name a Trust as an IRA Beneficiary? “For obvious reasons, including control, privacy, asset protection, etc., many clients are interested in putting assets into a trust. For many retirees, their IRA is among their biggest assets. It’s only natural to want to put the IRA into a trust.” An IRA may […]
“While most of us had stockings and menorahs on our minds, President Trump on Dec. 20 signed the Secure Act that makes the most significant changes in retirement accounts we’ve seen in years.” For anyone who has saved a high six or seven-figure balance in their retirement accounts, the SECURE Act will definitely affect their […]
“Federal law, under the Equal Credit Opportunity Act, forbids discrimination in the mortgage market on the basis of age. Nonetheless, loan officers say older borrowers often don’t realize they can get loans with terms that will expire on their 110th, 120th or nearly 130th birthdays.” A senior loan officer with a mortgage company in Florida […]
“These changes are so significant that every such plan holders should review their wishes and how their estate plans may be affected.” The SECURE Act has made big changes to how IRA distributions occur after death. Anyone who owns an IRA, regardless of its size, needs to examine their retirement savings plan and their estate […]
“Retirees preparing to file their taxes for this year should be aware of a number of common pitfalls, often-overlooked deductions and changes that stem from the tax overhaul two years ago.” Did you know that there is a new federal income-tax form for seniors designed to make filing taxes easier this year, especially for those […]
